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tv   Bloomberg Markets  Bloomberg  June 19, 2015 11:00am-12:01pm EDT

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market day." the european central bank raising the cap on emergency funding, trying to prevent the run on greek banks. but will it be enough? scarlet: easy money if you are in the drone business. so much money the venture capitalists are being told no thanks when they try to invest in the latest unmanned flying vehicles. raising --rising reason that the chinese are giving her she a raspberry. a raspberry. ♪ scarlet: good morning, i'm scarlet fu on this friday morning. : and i'm pimm fox. let's look at how the markets are trading right now. lowered today after yesterday's move tire. 500 by 26 points, the s&p
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trades at 2119. most people spending time looking at what's going on with greece. let's take a look with with happening to the treasury market. scarlet: it's quadruple reaching, there will be a lot of volume. course the hangover from china. there was a big selloff in shanghai last night, perhaps that is weighing on u.s. markets this morning. pimm: a bear market. betty: correction. --scarlet: correction. prices, lower yields, 10 year yield coming down as a result. it's the first increase in bond prices in three days. still at about a three-week low. pimm: let's take a look at the oil right now, if we can. today, this is actually year to date. this is crude looking year to date up about five point 5%, still trades under $60 a barrel.
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let's take a look at the top headlines at the hour. alexisrime minister tsipras says goals can't be matched. the european central bank agrees to give greece even more money to prevent a banking crisis. hans is with us from luxembourg. bring us up-to-date. what is going on at what can we expect? hans: most recently we just heard from angela merkel, she says not to expect any real progress at the summit. unless there is something put forward by the greeks over the weekend. buy something put forward, she is talking about a firm proposal that can actually be scored and assessed in a way that is acceptable to all three creditor institutions -- the imf, the ecb, and the european union and all the finance ministers that
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have been gathered here. most of them have headed out of town, there's a lot of talk about contingency planning. what sort of preparations countries need to make is greece does miss that payment, the 1.5 billion euro payments to the imf. earlier this afternoon, things were alleviated, some of the pressure was alleviated with the european central bank announcing they increased the ceiling for emergency liquidity assistance. greece requested a $3.3 billion increase. all we know from the ecb -- they haven't given us a firm number. they said we have enough money to get them through monday. that will keep pressure on the greek banks as well as politicians and greece. isn everyone keeps saying is up to greece to come up with reforms, to submit specific proposals. , weyet for mr. tsipras heard more talk about the need for solidarity and social justice, nothing on structural reform it. thank you, hans nichols
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reporting from luxembourg. theking news just crossing bloomberg terminal, ebay is selling its more than 28% equity stake in craigslist back to the company. ebay bought the state in 2004. ebay says all litigation between the companies will now be dismissed. the suspect in the south carolina church massacre has been charged. he was charged with nine counts of murder and one count of weapon possession. a bond hearing is scheduled for later today. he was arrested for here -- killing nine people in charleston. south carolina's governor is calling for the death penalty. scarlet: one of the pioneers of the cable television industry has died. in 1963 by buying a small cable system into below, mississippi. comcast has grown to become the nation's biggest cable provider.
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his son is now the chairman and ceo of comcast. ralph roberts died of natural causes at the age of 95 years old. the european union is warning google -- get ready to pay a big fine in the antitrust investigation. they accuse google of squeezing out rivals in the comparison-shopping market. willegulator says the fine be set at a level to ensure deterrence. there is a pile of gold in new s greghat taxes -- texa a bill to bring the goldbach. they are not sure where to put a depository, it would be the first day to have its own. those the top stories this morning. pimm: coming up in the next hour on the "bloomberg market day," investors are making big money with companies that are working to stop the next big hack attack. the crazelk about
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over drones. why some venture capitalists are being told no thanks when they try to invest in the $82 billion industry. we will also show you one company bringing the concierge to your office. it is a new service you didn't know you needed. that is all coming up on the "bloomberg market day." scarlet: that is the way to make money -- services you didn't know you needed. pimm: i think they do your laundry. scarlet: greece is the top story. as the deadline moves to a possible daylight -- bailout extension, officials are worried it will be a run on banks. that has prompted talks of capital controls. history of when the capital controls, and how the international monetary fund has used them. >> deadlines, deadlines go. here's how you know it is serious. one european official has brought up the idea of capital control, which keep domestic savings in a country or foreign investment out. they've spent the last two
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decades relaxing these rules. index. the imf developed economies are more likely to allow capital over the border. developing countries are only a little more likely. for a while, among economists and the imf capital controls were considered something polite countries did not talk about. that was before the financial crisis. 2008, 18 from the imf arrived in iceland. they help the country pass a law saying you couldn't get money off the island unless you are using it for travel or to buy goods. 2012, the imf came around. disruptive capital outflows can create policy challenges. for sometimeseak things get so bad, you should not be allowed to leave with your money. it's an attitude that came in handy next year when cyprus decided that international transfers of more than 5000 euros had to be approved by a committee. if you have euros in that country, there's a very
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good reason to get them out. hence the possibility of capital controls. what did we learn since 2008? it helps to literally be island. cash can be discovered going in around. whyou can explain to people they can't travel abroad with more than 1000 euros, you have a better chance of getting them to obey. third, is easier to get into capital control than it is to get out of them. also, branding. the imf no longer speaks about capital control. it says capital flow management. european leaders holding an emergency summit on greece on monday. the european central bank held an emergency session today announcing additional aid for greek banks after more than 3 billion euros were withdrawn this week. pimm: let's find out more. i want to bring in danny, economic professor at dartmouth college and a former policy maker. what do you make on what's going to happen over the next 48
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hours? and what happens monday? denny: it reminds me of what happened in northern iraq. the begin was crucial because all of the discussion was actually about the fact that you really worry about what happens when the bank opens on monday. talking about the central bank saying you were saying this is a liquidity crisis. in essence come all the things you talk about suggest anyone sitting in greece that there is a fundamental crisis. and they probably should get their money out. it has been coming out during the week. this looks to me like first of all, the worry is monday. fundamentally, what we haven't heard is a long-term fix. it's just a short-term band-aid, if you like. where is the long-term fix? as anis no such thing
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expanding fiscal contraction, which means more austerity means further down. i don't think this is in any sense a fix. either something will happen by monday, or it will happen at a future monday in the next two or three months. scarlet: in the meantime, what would force the greek government to impose bank controls or capital controls or capital management, as it's euphemistically being called now? >> obviously money going out of the banks. it has been doing that over the last few days. if you were to listen to what happened today, presumably you would think if you had money and a great bank, it was time to get out of the bank. that is the worry. they understand that. we should go back and think what here is actually going to do something to help greece raise the gdp and lower the unemployed a rate? i don't see anything. pimm: danny, who are the key
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players in this besides the greek prime minister and greek finance minister? danny: the german finance minister and angela merkel are important figures here. but they are the really the two main ones. greece actually does have a bargaining chip. i haven't heard people say that france and germany actually have greece ownseuros -- them. greece has been a default half of the last 250 years. if they default, is a huge amount of money, it's a political disaster. it also has an impact on the other members of the community, of the eurozone. i do think the whole thing has contagion in the air. we don't know what the long-run effects are in the u.k. or even in the u.s.. that is the fear that this generates another global financial crisis. in some sense, that is the card
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as wellrus is playing, as -- he is russia today, talking to vladimir putin. this is high-stakes poker, i guess you would call it. scarlet: do you see anything coming out of that? where russia could come in and be a white knight? danny: i don't know about being a white knight. all of the eu members are going to vote on the new will of sanctions in a few months time. and what one country can stop it? obviously that is part of it. apparently greece and russia signed a deal today with a pipeline going through it. i think this is political positioning. i keep going back to -- there is the long run fix? what will get the greek economy to expand? since 2010.wn 25% thehe measures imposed by
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troika are implemented, i see outputs falling for kurt -- further. this is crisis upon crisis. temporary fix. there is no evidence here whatsoever of a long run fix. and the fundamental thing is that austerity hasn't worked in greece. it hasn't worked anywhere else. pimm: that is the impasse we have. you. was flour, thank still ahead on the "bloomberg market day." arelet: why investors pouring money into comedies that could stop a cyber attack. we differentiate the winners from the also-rans. ♪
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scarlet: welcome back to the "bloomberg market day," on scarlet fu. pimm: i'm pimm fox. scarlet: look at the movers in today's section. we were just reminiscing you can talk about software without mentioning the word x, at least back in the 1990's. pimm: today, red hat. >> right now cigna look at how it's performing, we are up nearly 2%. trading nearly $80 a share. shares have actually been down 3.5% after reporting earnings yesterday after the bell. in excellent missed the first quarter billings growth, coming in at 11.2%. the estimate was 13.4%. it'd be the earnings-per-share as well as its revenue. earnings-per-share coming in at
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$.44 a share. revenue also being forecast. its growth and future orders slowed from the prior year. they are having its best day since late march. climbing to the highest level since 2000, a good 15 year high. i will take that. the worst-performing us home builder stock this year is katie holmes. kb homes. net income for the three months was $9.6 million or $.10 a share. compare that with last year, $26.6 million or $.20 a share. investors love it, the stock is having its best day in two years. netflix touched a record high earlier in the session. tradingw, just up .1%, at $664. that's because oppenheimer raise fromrice target to $775
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$610. plans tocts their enter spain, cuba, italy, and we have seen international sky rockers -- subscribers skyrocket 1000%. scarlet: there has been a rereading of netflix stock. thank you. pimm: let's take a look at the top stories crossing the terminal right now. the state department says global terror attacks are up 35%. the islamic state and boko haram are to blame for much of the increase last year. the number of deaths almost doubled and kidnappings nearly tripled. the state department also says there was an increase in so-called lone wolf terror attacks in the west. into aw ship has crashed wall in a state new york. 30 people were injured, and the ship was carrying 274 passengers and crew. it was on a trip from montréal to toronto.
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"arrested world," is the biggest movie opening of all time it. world," is the biggest movie opening of all time. it had $105 million talks of his gross this weekend, and that would be the biggest second , beating outever marvel's "the avengers." those the top stories at the moment. are on theberattacks rise and so were the stocks of companies trying to stop them. over 3000 data breaches occurred last year, comp rising records. the ise cyber security index tracks cyber security firms, it's gained over to 10% since four years ago. pimm: joining us now is daniel lives. he's the vice president who covers several of the companies in the cyber security index. thank you for being here. index, whatt the
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companies are in, how you get there, what are the details. dan: it's a once in a decade opportunity. they are looking at next generation cyber security vendors, only a handful of them out there that are focused on what we view as a market opportunity. they are really clamoring for cyber security stocks, given the types of threat levels we're seeing. the index is another indication of what we have seen. scarlet: these are us-based companies. what is the quality of their competition from overseas, or they the definitive market leaders? daniel: they are the market leaders. you have companies like juniper. an emc which focus on cyber security. is the next generation vendors that are coming to palo alto, proof point, check point, these are the companies that have read this space. they are the leaders. it's a supply and demand issue.
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investors want to get in to this space. that's where you see multiples react accordingly. pimm: talking little bit about fireeye. how to companies get into this index? daniel: most companies have a yellow pages of attacks. that's only analyze if there is threats. at the is able to look yellow pages and other unknown attacks, a proactive next generation technology that is able to guard networks and firewalls from not just wrote countries and hackers. in terms of other countries that have come in, you have developers from new cyber security companies that spin off into private companies. we've seen a lot of investment in the space. at the end of the day, they built a blockade around this space. as my companies like fireeye, you see the stock is so hot this year. it's a 3% spending environment for i.t.. cyber security has grown 30% to
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40%. that is why we have seen the fundamentals and the stocks go up accordingly. scarlet: the same numbers are attracting hedge funds. what does that mean down the road for the companies? ultimately, they have to balance between growth and profitability. that is the issue. it is white hot. investors want to see a bit more profitability and margins down the road. i think it will lead to consolidation. into companies need to buy these trends. ultimately results in a lot of acquisitions and a surge of m&a entire security -- and it cyber security. pimm: thank you. daniel, talking about investing in cyber security. scarlet: palo alto networks, fireeye. we talk about these all the time. jet will bring them up as
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stocks to be aware of. pimm: coming up on "bloomberg market day." scarlet: investors in stocks are growing. -- in verona stocks are growing. some of them are saying, no we are good. ♪
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toldet: this week, the faa final regulations for business use of drones would be ready next year. this comes as drone investment is taking off. it is interesting because some companies had to say no when they tried to hand the money. they had enough to go around. pimm: i was reading an article , they have apanies drone that weighs about 30 pounds and has 12 motors. they said no thanks, we got the money we need right now. there are a lot of companies taking money.
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remember the incident were the drone was trapped on the white house lawn? i was made by a chinese company, dji technology. they have a valuation of $8 billion because companies like google as well as venture capital companies like kleiner perkins all investing money in drone companies because they say this is going to be a big market when those rules are complete. scarlet: when the rules, we can start calculate and quantifying how much money they can make. i'm going to take off. pimm: you are going to take off on your drone? we will see later. more on the "bloomberg market day." has 99 problems, but russia's economy isn't one of them. ♪
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pimm: welcome back to "bloomberg market day." let's take a look at some of the top stories at this hour.
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once again, the european central bank has come to the rescue of greek banks. it increased the amount of emergency cash that greek tanks can cap. greek depositors have withdrawn more than $2 billion. meanwhile, the greek prime minister says greece can survive the latest debt crisis. at a forum in russia, he placed the blame for the crisis squarely on the european union. s: the european union should go back to its initial principles of solidarity, .ustice, and social justice, issuing economic measures will nowhere. the problem is not just greek but a problem of the whole european union. pimm: monday, european union leaders will hold an emergency meeting on greece, and the bailout expires at the end of
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the month. greece may have to default on debt payments if there is no new deal. the suspect in the south carolina church massacre has been charged with nine counts of murder. has also been charged with a weapons crime. there's a bond hearing for him this afternoon, but he's not expected to be in court for that. meanwhile, the governor of south carolina wants him to get the death penalty. shares of ebay are rising this sellng after it agreed to its stake in craigslist back to craigslist. ebay also says the negation between the companies will be dropped. wait for the supreme court ruling on obamacare, the congressional budget office has come out with a new report, saying that repealing obamacare would increase budget deficits by $137 billion over 10 years and says the repeal would raise economic output, but that's
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mostly because many people would for thee to make up lack of health care subsidies. those are your top stories of the morning. markets are closing in europe, so for the very latest, let's go to london. .eporter: hi, there it has been a turbulent week for european markets with all the concerns about greece. the equity benchmark down .8% on the week. if we look at today, though, it's up almost .4%. markets are ending the week on a high. i'm sitting a picture, if we look across to this map -- i'm sending a picture where you are seeing green pretty much across the board. i want to show you some of the stocks we are drilling down on today. in particular, you can see those gains. italy, up by more than
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1%. with athens, these are three of the best-performing benchmarks in the world today. two things have happened to drive this risk appetite. first of all, emergency meetings called on monday between eurozone finance ministers and leaders as well to try to reach a deal on greece. says he isras confident a deal can be reached, and the second thing is that the ecb has raised the maximum amount of emergency funding that wreaked banks can get. this is a key change, and it should take them through to monday as well, but if you look watching,cks we are the national bank of greece and out for bank down now even though they were gaining earlier, and this because the ecb said it would review emergency funding on monday. we been told that this sends a signal to greece that the situation is serious. back to you. pimm: thanks very much. coming up, errands for the
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office worker -- how a company is bringing the concierge to your cubicle. and it is not all kiss kiss in china for her she's. slowing sales are hurting the chocolate maker's sweet treat plans. interview with goto daddy's founder on how the web company is growing up -- an interview with godaddy's founder. ryan chilcote is in st. petersburg. we want to know what was the -- what and vladimir .as the takeaway in russia we will later hear from vladimir putin himself as part of his keynote address. let's check in on that. : let's start with the problems. there are decisions and standards without inking about
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how we understand our own s.terest as a matter of fact, they are trying to say that they know better what we need. let us decide ourselves what our , basedt, what our needs on our history, on our culture -- yes, please. reporter: how are they doing that? how is the united states trying to decide what you need? interfering in our internal political processes, not financing the governmental sector, imposing .ecisions on national security the problems which we face for the first time -- i'm referring to iraq.
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those who are not with us are against us. it is not a dialogue. it is an ultimatum. we are not to be talked to by the language of ultimatum. things that bring us together -- there are some. we are united by our desire to work against common threats, which include terrorism, drug , and the very theerous trend of possibility of mass destruction. now about human terror fightction, the
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encompasses various regions. there are global economy issues, first of all. i'm referring to the area where we can have our influence on energy. there are many other areas in which we have established decent interaction, and, hopefully, that will form the groundwork to restore relations with the united states. natureout china -- the -- the level of trust in our relations have reached an andecedented scale importance in our history. for 40 years, we have been negotiating on the border issue. we have reached acceptable compromises, and this issue is
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no longer there. we have settled it after 40 years. only did we manage to address those issues, we have developed onlyconomic context -- not did we manage to address those issues, we have developed an economic context. we are developing and forging new integrated processes, which are quite efficient and attractive for other countries. china is our largest trade and economic partner. >> some say it's a natural hastionship because china cash and russia has natural resources, so there's a natural affinity right there. putin: i'm sure you know about that, but you are just pretending you are not familiar with it.
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the american analytical scientists and oil experts speak about the united states turning toward china. ,hina is a growing economy experiencing growth that is the highest in the world. it's not only russia. the whole world is turning toward asia. europe is interested as well, and we are destined to do that because we are neighbors. it is a natural affinity, a natural movement and develop it. besides, there are many values which are common for us, which address international issues. pimm: russian president vladimir at the st.ing petersburg national economic forum hosted by charlie rose and attended by various other dignitaries and businessmen. still ahead on the "bloomberg ," would you like some
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of to wash your car or do your laundry? no problem. a new les angeles building will offer i've-r concierge services free -- five-star concierge services free. ♪
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pimm: welcome back to the "bloomberg market day." look at some of the top stories crossing the bloomberg terminal. the obama administration wants an increase in fuel economy for trucks. it would be phased in over a decade. environmentalists had wanted trucks to be even more efficient. truck makers must be in full .ompliance by the year 2027 unemployment moved higher in 25 states last month.
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in many cases, that was due to people who reentered the job market but could not line work. west virginia now has the nation's highest unemployment rate at 7.2%. .he nationwide rate is 5.5% china just is not by increases in twist was an allman joys -- is just not buying reese's and almond joys like it used to. those are your top stories. after a day of doing work and going home, you do not necessarily want to do errands. they do not have much allure, so caruso properties in los angeles is betting you will want someone do those errands while you are working, and it's free. executive vice president of
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operations for caruso joins us now. i wonder if you could just explain -- is this a way to ? tice tenants tell us about the building and services. guests: first off, thank you for having me on that show. the gifty to give back of time to the employees working out of this office. we've created dozens of services that are designed to cater to the professional. let me give you an example -- the other day, i was leaving the office. it was late. i got in the car and realized i had no gas, and i still had to pick up a carton of milk. it was the last thing i wanted to do. i just wanted to get home and see my family. it dawned on me that the employees in this office building will not have to worry about these. when they get in their car, it will be full with gas. any errands they request will be done. the carton of milk, the gas tank
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full, the bottle of wine they were supposed to bring home. ?imm: how will this be paid for obviously, someone is getting paid to do this work. jackie: we are obviously in this business to make money, but we offering these services, we will make employees be more productive and healthy employer attract and retain top talent, and in turn, that will create value for them, which will create value for us. a long-terms proposition. have you hired additional people to carry these errands out cap a are fortunate. the office building resides directly across the street from property,use retail one of our flagship locations, and we have a full scale concierge service available to the residence, and the guest that visit that property -- available to the residents and
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the guests that visit that property. about the new building we are talking about here. how big is it? occupancy levels, cost per square foot. it is really a landmark of a building. it was built in 1925 and has been occupied for 30 years. it is a beautiful building. we are going to restore it, and we have attracted a company to take about 70% of the office space. pimm: as far as new tenants, will the cost to them be different than the cost of another conventional office building? focused onare very making sure that the value proposition is therefore the theoyee that is working in office. we believe strongly that once the employee takes advantage of these services, they will never
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want to leave, and we also believe we will attract top-level talent and top employers to take the remaining space. tell i wonder if you could us the cost per square foot right now in los angeles for this kind of office space. jackie: we are at the top of the market. fortunately, cbre also sees the value in offering services like this to employees. we are at the top of the market. pimm: what would that number be? sokie: we do not typically, i will refrain from doing so, but i can tell you we are at the top of the market -- we do not i willly quote rents, so refrain from doing so. forot $1 billion earmarked development projects, and we are always looking for other unique and great opportunities to ask in our hospitality and brand. thesewill you be offering
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same kind of services in those other properties as well? jackie: we will be offering these same kind of concierge services to our employees shortly, and we already offer these services at our retail properties and luxury apartments as well. pimm: when does this new property open? jackie: cbre will move in before year's end. you veryant to thank much for joining us from los angeles. he'll ahead, hershey sales turned bitter after the climb in chinese growth -- still ahead. we will give you the details next. ♪
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pimm: hershey, the maker of peanutuch as reese's butter cups, reported earnings today below analyst estimates. shares are down more than 3.5% on the news.
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it will also be cutting 300 jobs, and 2015 profits will be lower than previously estimated. the reason for this tempered forecast -- china. sales growth trailed expectations and was hurt by increased competition in the chocolate category by competitors such as godiva. betty liu is here now. betty: it's interesting that hershey has gone big into china. its the second largest -- will be by the end of this year if not now the second largest .arket for hershey chocolate, like coffee, like cappuccino, like burgers or whatnot, is this a new kind of the chinese that are growing to love, right? so why is hershey not doing well ? some say the brand itself may not be premium enough.
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godiva is opening stores in china, taiwan, korea. it's a luxury product, and asians -- in particular chinese -- if they are going to spend their dollars, they are going to spend on luxury, so it might be that hershey is not hitting that premium market or there's only a limited amount that the chinese are spending because they are going through a slowdown. they will spend more on luxury goods and maybe not so much on kisses.s and hershey's pimm: i understand they bought a candy maker that kindles -- that caters to local tastes, but it could also be that the dollar has gotten stronger, and as a result, what ever business you do overseas is going to do -- whatever business you do overseas is going to look worse. betty: that can only explain part of the picture. you e-mailed me earlier asking
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if i knew the company, and i do not know it, but i know the candy because i grew up eating some of this candy, the golden monkey candy bars and snacks. the chinese like to eat a lot of nuts and dried fruit. this company0% of late last year, and they are hoping to use that to distribute these products. pimm: as a springboard. betty: exactly. by all measures, is a smart move. it's a popular candy company, but how does hershey get to $500,000 in sales? what do they need to do to gain more traction? that is a problem that is beyond my pay grade. that's why they pay the guys at hershey to figure it out. will it's estimated china be the biggest candy market in the world and just two years. betty: i believe the chocolate market is going to grow by 60% in two years. pimm: thank you very much,
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getting us hungry for some chocolate. it is now time for today's options insight. reporter: we're approaching the top of the hour, so let's take a quick look at how the averages are performing. the dow, s&p, and nasdaq really cannot get out of the red, now on pace to snap their best three-day winning streak since march as investors gauge the likelihood of a greek debt solution. the dow was the laggard with the info tech sector being the .iggest weight joining me isn't equity derivatives strategist over at baycrest partners -- joining me is an equity derivatives strategist. >> our view that volatility remains tepid. of course we will see spikes along the way, but we believe
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volatility will not see a spike. although an interesting thing .appened today a cally was buying relatively cheap. vick's -- vix would be fairly easy to get to, but net-net, the view is that if there is a volatility spike, you have to be very quick in terms of monetizing it. otherwise, it will be defeating gains. reporter: you're looking at higher at theis topeka capital upgraded it to a buy. >> my play is more of a
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long-term, even though the company reports earnings next week. i am bullish, and i want to buy .he january call spread gives plenty of time for any sort of improvement in the fundamentals to take place over this time. remember, the stock has sold up quite dramatically this year after having a really good run. now, people are concerned about pc demand. the stop, has crushed but now i'm looking for a good entry point. reporter: don't go anywhere. much more on "bloomberg market day" after this very short break. ♪
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pimm: good day. it's 9:00 a.m. and send in cisco -- in san francisco. it is noon here in new york.
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it's midnight and hong kong. we start with russian president vladimir putin delivering his annual address to investors. he's taking credit for avoiding a deep economic crisis as oil prices humble and his country was hit with sanctions. bank the european central extends a financial lifeline to greece ahead of a summit that could determine the nations future. scarlett: the dinosaurs of "jurassic world" could gobble up the top spot at the box office for the second week in a row, blocking a pixar number one debut for the first time ever. pimm: good afternoon. i'm pimm fox. letty:

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